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<br /> <br />OF SU '" <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33 I 60 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3 II 3 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler. Vice Mayor <br />Roslyn Brezin. Commissioner <br />Gerry Goodman, Commissioner <br />George "Bud" Scholl, Commissioner <br /> <br />A. John Szerlag. City Manager <br />lIans Ottino!, City Attorney <br />.Jane A. Hines. City Clerk <br /> <br />MEMORANDUM <br /> <br />February 21, 2008 <br /> <br /> <br />The Honorable City comrion <br />A. John Szerlag, City Manager <br /> <br />Proposed Alternative Policy to Govern Voluntary Time Extensions for High- <br />Rise Condominium Developments <br /> <br />Background <br /> <br />At its January 16, 2008 workshop, the City Commission (along with members of the <br />development community) discussed the attached proposal that would govern voluntary time <br />extensions for high-rise condominium developments. Simply put, a developer could extend site <br />plan approval timeframes by making a partial payment on bonuses and transfer of development <br />rights (TDRs). As originally discussed, this program would enable a developer to have one extra <br />year to make full payment to the City on TDRs and bonuses, so long as a partial payment was <br />remitted. An additional one-year extension would also be available under the same partial <br />payment terms. In both cases, the interest rate on the unpaid balance would be 7.5% annually. <br /> <br />There were some other proposed conditions. In bullet point format, the proposed policy <br />incorporated the following elements: <br /> <br />A. First Year Extension. Fifteen Percent (15%) of balance owed City, or Five Hundred <br />Thousand Dollars ($500,000), whichever is greater. Interest rate on unpaid balance is <br />7.5% annually. <br /> <br />B. Second Year Extension, if applicable. Same conditions as stated above. In the <br />aggregate, this means a developer would have paid 30% of the balance owed City, or <br />One Million Dollars ($1,000,000), whichever is greater. <br /> <br />C. The Developer will forfeit Vested Rights/Zoning Estoppels - refer to attached <br />memorandum from City Attorney Hans Ottinot. <br /> <br />D. The site in question will be maintained to look more like a park than a construction <br />zone and will include installation of decorative fencing. <br /> <br />Agenda Item --.J 0 f- <br />Date 2 - 2(- 0 ~ <br /> <br />Commission - Voluntary Time I':xtensions lligh Rise Conu Memo 2 <br />